Benefits of Buying Probate Properties Purchasing probate properties is an excellent option for those are looking to purchase homes at bargain prices. Probate is defined as the legal process of proving if an individual's last testament or written will is indeed genuine, and then following through with those wishes contained in the document. In such cases, assets such as homes, automobiles, stocks and bonds, and other personal property are probated and eventually sold off by creditors to recoup any unpaid debts. Probate is the legal process of proving the written will, or last testament, of a deceased person is genuine, and then following through with their last wishes in that document. How to Locate Probate Properties Locating probate properties isn't as easy as one might think. When looking for a probate property, you first course of action should be to talk to your real estate agent. Inform your real estate agent that you are looking for a certain type of property and that you know how much you are willing to spend. Typically single family homes and multi-unit dwellings top the lists of probate properties on the market. Another resource to look into is your local newspaper, preferably in the section which lists obituary notices. As morbid as it may sound, you should try to make a list of those who are recently deceased and begin following up with local property ownership records to inquire if the deceased did indeed own real estate. This may or may not prove to be a successful task. Do you want to Invest in Probate Properties? You will spend a lot of time and patience when investing in probate properties. The process may take six months, or it could take years. The following factors determine the amount of time it takes to complete the probate process: - the size of the real estate property - the validity of the will - finding someone to execute the process if there is no will found - locating and notifying all rightful beneficiaries that are associated with the will These factors will take some time, but be patient, the reward will pay off! Benefits of Buying Probate Properties: 1. Low, Prices at a Bargain Price You Can't Resist: You can get probate properties for as little as thirty to forty percent below the market value. 2. Vast Inventory to Choose From
3. Purchaser's Market: Many heirs, who have inherited real estate property, really don't need, or fancy the property. They would much rather turn the real estate into cash as quick as possible, even if it is currently at an extremely affordable price. Many heirs also do not want the additional burden that is associated with obtaining new property. They often do not want to pay those burdensome estate taxes that go along with having property. They especially do not want to make many expensive repairs or pay off their mortgage. That is where you, the probate buyer, come to service! Helpful Tips for Buying Probate Properties: - Very important, just hang in there with endurance (it may take two to three years to complete the entire probate process, maybe longer), but anything worth doing takes time. - Ahead of time, figure out how much money you can afford to invest. Look at your income, determine a budget for living expenses, and then see what you have left over. This will be the amount that you may want to spend on the probate process. - Become knowledgeable of the type of probate property you are eager to purchase. Do some research! Consult with a specialist or search the World Wide Web.